Magazine article Screen International

South Korea Introduces Tax Breaks for Local Production

Magazine article Screen International

South Korea Introduces Tax Breaks for Local Production

Article excerpt

South Korea has introduced tax breaks of up to 10% for local film and television productions.

The Ministry of Culture, Sports and Tourism announced on Monday (March 20) that it was launching these tax breaks in the hope they would become a "new growth engine" for an industry that has great "ripple effects in tourism and exports".

Although the Ministry's announcement made no direct reference to the issue, the new tax credits plan is widely seen as a move to help mitigate the effects of a recent Chinese ban on South Korean cultural content, apparently in retaliation over South Korea deploying the US missile defense system known as the Terminal High Altitude Area Defense (THAAD).

According to the new tax scheme, which went into effect on Friday (March 17), small and medium-sized local companies are eligible for a 10% deduction, while mid-sized firms can claim 7% and conglomerates 3% offproduction costs spent in-country since January 2017. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.